SINGAPORE: In a sign of the growing relationship between the United Arab Emirates and Singapore, the Gulf Emirates have passed neighbor Saudi Arabia as the Southeast Asian country's top trade partner, a new report said. Last year total UAE-Singapore trade clocked in at US$25.5 billion (Dh93.66bn), compared with $20.3bn in 2011, said Umej Bhatia, Singapore's Ambassador to the Emirates. Driven by the oil and petrochemical industries, exports from the UAE to Singapore comprised the majority with $19.6bn. In the kingdom, volumes dipped slightly to $23.0bn from $23.2bn in 2011. The two oil producers made up the bulk of GCC trade with Asia's gateway, which totaled $68.6bn last year, up from $60.1bn the previous year. “We have brand equity,” said Bhatia, who arrived in the emirate last month and is Singapore's first resident ambassador to the Emirates. “We have a positive reputation here.” The announcement has economists in Singapore excited about the potential of even greater relationships with the UAE, telling Bikyanews.com that they envision this relationship to grow even further in the coming year and beyond. “This is a great announcement because the UAE has been a top travel destination for Singapore residents and business people in recent years and it is proof that together these tow powerhouses in their respective regions can continue to show strength,” Singapore-based economist Julie Chow told Bikyanews.com. Abu Dhabi, which chose Singapore as one of its four models for development along with Norway, Ireland and New Zealand in its ambitious 2030 plan, has forged numerous business ties with the island country over the years. BN
